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European CDS Rerack: Mamma Mia
The horror...The horror
5Y 10Y 5/10's
Stromboli 506/521 +65.5 493.5/507.5 -20/-10
Spain 385/400 +52.5 370.5/386.5 -16/-6
Port 1060/1100 +115 825/895 -250/-190
Guinness 755/785 +80 585/655 -180/-120
Uzo 57.5/59.5 +4.5 57.5/61.5 -0.5/2.5
Syrup 295/310 +31.5 293.5/307.5 -7/3
Fried 195/200 +21.5 213.5/223.5 17/21
Aus 155/161 +16.5 169.5/179.5 14/19
Wanker 92/96 +10 108/114 15/19
Doosheland 96/100 +13.5 116/122 18/22
»
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Wheeeeeeee!...SPXU
and the PMs are going on sale too.
I watched a snail crawl along the edge of a straight razor. That's my dream; that's my nightmare. Crawling, slithering, along the edge of a straight razor...and surviving.
Combination of horror and amusement. The mental imagery is profound.
All I know is gold is up in the currencies of all the places I wanna move to lol
don't worry comrades by 3:p.m. dow will be up and by on the dip,what a county -ben wii take care of us, buy buy,buy-------
Don't worry if you've got CDS, you'll be protected.
...from STDs
ban CDS again.
they were banned, for a reason. they should be banned again, for many reasons
I think you missed his efforts in Irony.
This is not a credit event...
This is not a credit event...
This is not a credit event...
Didn't you learn? A credit event only occurs when it works in my favor!
oh yeah, CDSs MADE Italy bankrupt, they MADE oil peak, yeah. Ban them and everything will go back to hunky dory.
CDSs have only exposed what some tried to keep hidden. Oh, and they were the primary driver of synthetic debt and were consquently essential for credit growth
i breathe a sigh of relief lol
Ah, they never really worked anyway.
CDSs should be regulated like insurance and writers forced to maintain risk-based capital reserves.
Yeah, that'll work...
more voluntary haircuts coming
and after that, EVERYBODY TO THE SHOWERS!
More like everyone will take a bath.
I think Sudden was referring to the Zyklon B kind of shower.
Quite so...also, thus making the haircuts "involuntary."
No, it's either voluntary haircut, OR the shower...
just so everyone knows it's fair.
Haircuts don't work when your already bald.
No No....LuLu ... Down Down..
Oh Oh... RoBo... Gonna be a HoBo...
collateral bitchez
I love ZH, but the slang names for the countries are rather unprofessional. just my humble opinion.
You're on the wrong site.
Site is fine, side is wrong.
So you live in Wankerland right?
self-deprecation is our strongest suit, leave us wankers alone. Better a wanker than a cheese-eating surrender monkey.
he is not a cheese-eating surrender monkey, he is a chocolate-eating staunch Belgian
haha, Belgium isn't even a real country.
Nobody EVER accused Zero Hedge of being, or even TRYING to be, "professional."
"Professional" is one of the main reasons the planet is burning.
That, and "Educated..."
You missed 'Politically Correct', I think. And possibly 'Expert opinion is...'?
Damn straight. I sit humbly corrected.
That's right, education, but there's a reason for this...
http://www.youtube.com/watch?v=RIva2she5HQ
You missed a major inside joke.
Did you dislike Doosheland?
What's funny is that "dusche" is shower in German. So, if you call it shower-land, you are making a reference to the most painful and shameful part of their history. Even though what we mean by doosh should probably be more offensive, it actually still pales before the message that actually comes across.
Another little Cliff Claven point of note: all these years, our slur for germans has been, among other things, "kraut", which we assume means a reference to saurkraut. By it self, it just means "herb".
So, if you went around and people were calling you an herb, you'd probably be infinitely more confused than offended.
I am a big dork (grosse Streber). On with the show.
This is why ZH is so great, there are constant tidbits of useless information that we can then use to confuse the shit out of people who have no idea that the parthanon is burning, much less where it is or what the hell a parthanon is anyway.
dork away!
indeed
They don't use those unprofessional names over at HuffPo. The horror of it all.
This isn't a professional site. Do you wear a suit and tie while reading?
This is fight club bitch. No political correctness here.
You want professional? Go to a bank!
You mean you don't like the nickname "Fleece instead of Greece? Or "Greased"?
Leave your sensitivity at the door.
I gave you an up arrow for speaking your mind.
Agreed. Nicely done. Will you be doing the same for Robo?
:-)
I draw the line for 'speaking your mind' at stupid. Anything beyond that..........well, no joy joy from CD.
BTW I am considering doing an audio version where I read my essays in my voice and attach a link to that file in the article.
Is there any interest from the ZH crowd for this?
Yes! Perfect for the drive home. Just be sure to be careful. No Tommy Boy moments needed.
Don't want to be listening and then feel like I wanna jerk the wheel INTO A GODDAMNED BRIDGE ABUTMENT.
:)
pods
I promise......no bridge abutment moments. I shall restrain myself. :>)
But I plan on voicing the audio with the same emotion I used to write the piece.
After you record the voice throw it through audacity. ( audacity.sourceforge.net )
There is a filter to equalize the sound and clear up any background noise with a couple of clicks. It'll sound as close to being in a clean studio. Could even lay in a track of dramatic music or crazy noises. lol Main thing is the software will compensate for a lack of 20k microphones and a studio board complete with engineers.
Somehow I doubt the crazy noise scenario will happen, but a clean and polished webcast is something very nice to listen to while running around getting stuff done.
I look forward to it CD.
Thanks. I'm on a steep learning curve regarding microphones (condensor vs USB) stands and software.
It became clear to me very quickly that if I was going to do this I was not going to do it half assed. I listen to podcasts all the time and I quickly grow weary of the ones with poor sound quality.
That would be great CD. I enjoy your essays , but I always have to read them in bits and pieces. I don't rarely have the time to read them in one sitting.
Sure.
Yes. Your writings are worthy.
thanks CD. you're a mensch. ;-)
Nice come back. :)
complain to Whoreland Security
where is this land of whores? I would very much like to see this place.
looks like I'm headed for a personal-record down dings. it's ok, I still love you guys.
At least you're being professional about it.
you have to beat my -85 old stick...
You could tell us you have an Economics PhD .. that would put the icing on the cake.
You get a mulligan for your worthy attitute.
Glad I could help as a proud freedom frylock merican.
If you can't have a laugh at the end of the world, what can you laugh at?
good point.
GTFO
No, this is unprofessional:
Go fuck yourself.
They told me that you [GPap] had gone totally insane, and that your methods were unsound.
I don't see any method at all, sir.
brando bitchez
Just as long as they declared the insurance null and void, everything will be OK. You don't think that homeowners insurance you bought and paid for was actually gonna pay off........did you?
Fooled you!
Hi CD!
Please! "homeowners insurance" What's that? I know of "normal insurance", which is according to time-tested principles. We know, for example, that fire insurance can't be given to someone that is not the owner of the building or the flames will be high before the ink is dry...
They call that an "insurable interest". What a crazy concept, that the insurance company would actually what the insurance purchaser to have a monetary/emotional incentive for the building to remain in one piece and undamaged.
yeah, crazy :-) now I get it
like the concept that you need revenues to pay out a bonus to senior employees - crazy!
yes, homeowner is code for lienholder...lienholder's insurance, paid for by the debt serf
Mario Draghi regrets accepting the new title. An epic first day!
Krugman has it right - just posted on his blog:
"
Things are falling apart in Europe; the center is not holding. Panadreou is going to hold a referendum; the vote will be no. Italian 10-years at 6.29 at pixel time; that’s a level at which the cost of rolling over the existing debt will force a default, even though Italy has a primary surplus. And with everyone simultaneously pushing for fiscal austerity, a recession seems almost certain, aggravating all of the continent’s problems.
I’ve been charting this trainwreck for a couple of years, and am feeling too weary to trace through it again right now. Let’s just say that the euro was an inherently flawed idea that can work only given a strong European economy and a significant degree of inflation, plus open-ended credit to sovereigns facing speculative attack. Yet European elites embraced the notion of economics as morality play, imposing across-the-board austerity, tightening money despite low underlying inflation, and have been too concerned with punishing sinners to notice that everything was going to blow apart without an effective lender of last resort.
The question I’m trying to answer right now is how the final act will be played. At this point I’d guess soaring rates on Italian debt leading to a gigantic bank run, both because of solvency fears about Italian banks given a default and because of fear that Italy will end up leaving the euro. This then leads to emergency bank closing, and once that happens, a decision to drop the euro and install the new lira. Next stop, France.
It all sounds apocalyptic and unreal. But how is this situation supposed to resolve itself? The only route I see to avoid something like this involves the ECB totally changing its spots, fast.
Aside from that, Mr. Draghi, are you enjoying your new job?"
Yeah. I can be right, too if I forcast something that has already happened. Krugman is pure evil. I at least give him credit for that.
MATH,
Bitchez.
"But how is this situation supposed to resolve itself?"
Gold.
Oh umm hey guys..we have this asset on our balance sheet that seems to increase in price as people purchase it. When it goes up in price it decreases the debt burden. Why don't we use this awesome balancing mechanism to balance our debt? You know....drive up the POG until our debts no longer matter.
But that's too simple to work
Krugman is part of the problem.
He advocates for more spending to solve a debt problem.
I'm sorry, if you think like that, you are a fucking idiot and on par with the asshats running the IMF, ECB, and EU.
Krugman, STFU and sit your ass down, your side lost bitch.
And anyone that thinks he "got it right" is also a fucktard, and I mean that with complete sincerity and in all seriousness.
Krugman, during his speech on the 27th in Iceland, appeared less than in control (I'm comparing it to his speech to Google, for instance, where he had a concrete message & answered questions well). He paused often, was less than coherent at points, kept mistakenly referencing Ireland instead of Iceland and ended with a hurried whimper of a point.
What I read as subcontext was that the Icelanders are bullish about joining the Euro, and he was attempting to suggest this would be a bad idea[tm] - whilst maintaining some kind of professional distance. I think he realised that some Icelanders just don't understand the scale of the issue, both in terms of millions of people and trillions of Euros at stake, and the horror was over-taking him.
That's not to say all Icelanders are buying into the 'good recovery' model (although, it has to be said, 'much better than Greece'):
((Housing)) ...following the transfer these write-downs were not passed on to households (as recommended by the IMF) but instead the new banks got a free hand in trying to collect the previous full book value of the loans...is a write-down of mortgages to 110% of the estimated value of the home. Because of underlying inflation and the CPI-indexing of mortgages, these mortgages very quickly increased again to 120% and then to 130% of the estimated home value, requiring repeated attempts to reach the 110% level. The results are that some 26.000 individuals are registered in serious default. If each of these individuals represents a household, this means that approximately 35% of all households in Iceland are still in a serious default position with their debts, even after being able to tap in to their pension funds in order to stay solvent... ((FInance))While the official numbers look perhaps not too bad by some international standards, with central government debt amounting to 1.345 billion ISK at year-end 2010 or approximately 87% of GDP, one must bear in mind that this debt bears high interest and is in part (at least 25%) indexed to the CPI. Currently the interest payments only on this debt are estimated to be about 17%-20% of government income in the 2012 budget. Central government debt continues to increase with new borrowing exceeding repayments by 11 billion ISK in 2012. Municipal debt amounts to 215 billion ISK, bringing the general government debt level up to 101% of GDP. Currently one municipality is insolvent and 10 to 15 other municipalities are in serious debt trouble, some technically insolvent already.http://joyb.blogspot.com/2011/10/report-on-economic-situation-in-iceland...
The co-author, Birgitta Jonsdottir, is a member of "The Movement" party, and was involved with releasing the Wikileaks 'Collateral Murder' video - 'The Movement' is probably best described as modern progressive.
http://www.youtube.com/watch?feature=player_embedded&v=goAdDMfpyrA
your kidding right....
Wow look at the Dax getting totally annihilated.
So Tyler, you published those maps so you could make these jokes. We will need comic relief.
I wonder who is buying?
Hey, Ms.
Hey back you tomato you. I am well. Still building and renting. Thanks for asking.
Steep, steeper, CDS
Apocolypse....not Now, sometime soon.
3 months worth of shorts will be using the drop to cover losing positions.
Any money manglers that missed the rally will be jumping in with both feet on this pullback.
PM holders? Well, they better start praying for a reversal in bank stocks, otherwise, its going to be carnage there to.
Dow 10,000 = Gold 1,200
I'm sure you're just absolutely swimming in your newfound loads of cash right now by taking your own advice yesterday to buy the dip during the carnage yesterday *rolls eyes*
How about being a Monday Morning QB with the obvious explanation - the stock market is a complete fraud and the majority of bank stocks should be at 0 right now but isn't thanks to the lack of "mark to market".
BRING ME GOLD...THE CHEAPER THE BETTER
NOM NOM NOM
money manglers
correction: vampire squid money manglers
Tyler:
Spain = Tapas
As if this morning hasn't been fun enough
A little propaganda on your rice crispies?
http://news.yahoo.com/ap-exclusive-signs-syria-pakistan-nuke-tie-063913337.html
Damn! I don't believe it.
I missed Heidi Klum's Halloween party...again.
In case you missed her costume:
http://www.hollywoodtuna.com/?p=63771&folder=2010
In case you need to erase that image from your mind forever:
http://sportsillustrated.cnn.com/swimsuit/collection/models/heidi_klum.html
yes! put brando in the emergency file along with donkey kong and the deer. nicely done ZH
Turn those printers on baby. Break out the helicopters. Time to start throwing money on the serfs.
Throwing us some bankers would be fine. Saves money.
Gentlemen, start your engines;)
Who knew that the end of the world would be so hilarious.
Go out laughing. It's a zen thing.
... and watch out, those god damned monkeys bite
...and throw shit... out of helicopters?
The Money Monkey, is that like The Easter Bunny or Santa?
Anyone check TVIX and FAZ premarket? AAAAAGGGGHHHH!!!!
http://www.youtube.com/watch?v=kMFJBd40Awo&feature=related
Draghi at the Central Bank
Is Goldman Sachs Poised to Takeover Europe?
http://www.counterpunch.org/2011/10/31/is-goldman-sachs-poised-to-takeov...
MR.BEAN-draghi, the ex-goldman jesuit boy is there to do his job for them
http://www.vaticanassassins.org/category/jesuits/
Nothing to see here ... move along citizen ...
Ok, so there will be a major global crisis ... relax ... just one of many to come ... you'll get accustomed to it ... ... now move along.
What, no "China to the rescue" news?
Robot, it is obvious from your inane comments that you missed the entire gold rally to this point and own....nothing.
By hook or by crook!
Guess who's on the hook?
http://seekingalpha.com/instablog/411333-donald-ingram/48596-ground-zero-established-for-otc-cds
Transfer the risk to the serfs.
The government seems willing (BAC ABS bs) so why not at the Fed?
RISK ON the taxpayer
RISK OFF everything else.
More like -
The assumptions...the assumptions...
What are the odds that any given sovereign CDS will actually pay out to the long side in the event of a (official or not) default?
wanker = cameron
Born of a centuries old banking dynasty and got his first job with the Consevative Party on the strength of a recommendation from 'The Palace'... somehow I doubt he needs to pull his own pud. Probably has eunuchs to do that for him. Or debauched former nuns? Whichever is more Luciferan, I suppose.
Saigon... shit; I'm still only in Saigon... Every time I think I'm gonna wake up back in the jungle.
Yes, kids, it gets worse
Tear up the sovereigns but don't fuck with me Guinness.
Draghi will drop EU interest rates by 50 basis point - Rally on!
Bondholder: "Are you an assassin"?
Merkozy: "I'm a soldier."
Euro Citizen: "You're neither. You're an errand boy sent by grocery clerks to collect a bill."
half of the last 3 weeks gain in EUR evaporated in 2 days
G Paps must have covered and gone short.
Marlon Brando FTW!
I love the smell of meltdown in the morning.
Merit Financial??? Anyone use them to buy silver? Good, bad, Ugly? They are advertising 2.44 over spot for eagles through tomorrow with no commission or shipping on $5K orders.
"It's impossible for words to describe what is necessary to those who do not know what horror means."
http://www.youtube.com/watch?v=z_NwvO1UxN8
Great quote for a European melt down (or for anything actually). Gotta love this blog even if it's just because of the references to amazing movies like Fight Club and Apocalypse Now.
Slang names are stoopid, but I'll laugh my ass off when Macapplepie CDS go to crap and most of the guys here begin to gain a sense of what fear really is.
PM's always tank a little after some "bad" news like this. In 2 weeks they'll be way up and stocks will be way down, again. Hold your metal boys, don't sell till you see the whites of their thighs.
Wait until Spain changes the goverment. That is gonna be the real fun, here in spain everybody knows that the bills are waiting until 20 of november.Our unemployment is 22% oficially but unoficially is almost 29%......so who is gonna pay anything in our country.
THE HORROR youtube vid:
http://www.youtube.com/watch?v=AWLBljvEG-M&feature=related
Ahh the nicknames are back...+1000 ZH...anyone see a Krembu market?
Running to buy more bright shiney relics...brb!